Carphone Warehouse founder takes control of Jigsaw after injecting £5m

David Ross, the co-founder of Carphone Warehouse, is making a multimillion-pound investment in fashion retailer Jigsaw, making him the company’s majority shareholder.

Ross, who also chairs the National Portrait Gallery, has committed approximately £5 million to Jigsaw, seven years after his initial investment, according to Sky News. The new funding will enable Ross to replace Jigsaw’s founder, John Robinson, who established the business in 1970, as the controlling shareholder.

David Ross

This investment comes just weeks after it was revealed that Hash Ladha, Jigsaw’s CEO for only 15 months, will be leaving the company in July. Ladha took over from Beth Butterwick in October 2023, who spearheaded the brand's turnaround. He will continue to work with the Board until the end of July to ensure a smooth transition. The company is currently in the process of hiring a new CEO.

Like many high street retailers, Jigsaw faced challenges during the pandemic, including financial losses, seeking rent reductions from landlords and closing unprofitable stores.

The investment will contribute to a "significant balance sheet reorganisation and debt reduction," according to Sky's sources. Part of the funds will also be used to enhance infrastructure, including developing a new online platform and improving fulfilment capabilities.

Retailers that survived the pandemic are now confronting additional challenges, such as the government’s increased national insurance contributions for employers, which come into effect this month.